Venezuela in three acts: The nationalization of the oil industry in 1976, Hugo Chavez’s raiding of its coffers to fund social programs in the 2000s, and Venezuela’s near-total dependence on oil left it with few options when prices tanked beginning in 2014.

A lesson here - don't be a petrol-state.

AFP: Brazil expected to keep key interest rate steady at 6.5 percent

Egypt is set to open the world’s largest solar farm next year: The desert south of Cairo will house the new $2.8 billion facility.

Bitcoin drops 5 percent to one-week low, briefly below $7,700

@PM_Thornton #Taiwan's President Tsai Ing-wen to transit in US on trip to #Paraguay and #Belize President will stop in Los Angeles and Houston during her tour next month https://sc.mp/2ApXrTw via @SCMPNews

US considers higher tariffs on $200 billion in Chinese imports: Bloomberg reports, the Trump administration will propose raising to 25 percent its planned 10 percent tariffs on $200 billion in Chinese imports, ratcheting up pressure on Beijing to return to the negotiating table, three people familiar with the internal deliberations said. The US imposed 25 percent tariffs on $34 billion of Chinese products in early July, and the review period on another $16 billion of imports ends Wednesday. Trump has threatened an additional $200 billion with levies of 10 percent, a level the administration may raise to 25 percent in a Federal Register notice in coming days

Chinese economy starts to feel impact of US tariffs: WSJ reports, China’s leadership pledged to ensure economic stability as its trade fight with the U.S. started to pinch growth, signaling that a bigger stimulus could be ahead.

As China’s woes mount, Xi faces rare rebuke at home: NYT reports, as China confronts economic headwinds, a vaccine scandal and trade tensions, a legal scholar named Xu Zhangrun decided to speak out. It could be dangerous for him.

Pakistan hits back at US resistance to IMF bailout: FT reports, Islamabad accuses Washington of using its need for funds to try to limit Chinese investment.

OTD: In 1914 Germany declared war on Russia

UK surpasses US and China for fintech investment: Financial-technology investment in the first half of 2018 was higher in the UK than in the US and China, reaching $16.1 billion.

May’s Brexit plea to Macron: The Times reports, PM Theresa May will cut short her summer holiday in an attempt to persuade Emmanuel Macron to soften his stance on Brexit despite warnings that he is preparing to stand firm. The prime minister will attend a crucial meeting with the French president on Friday

OTD: In 1798 Nelson defeated the French at the Battle of the Nile

The death toll from Crimean War, 1853-1856 (including non-combat deaths):

Election 2018: The Koch network plans to spend between $300 million to $400 million on politics and policy during the 2018 cycle.

NYT: Koch’s frustrations with Trump spill over into publicfeud

DC buzz: Most people inside the beltway say that the GOP will lose the House, if the election were held today. Of course, the election is three months from now, but the political picture has darkened for the GOP.

In Florida, not all politics are local, as Trump shapes governor's race: NYT reports, the Sarasota County Republican fair and rally last Saturday left little mystery about what is animating the party this year. There was a "Trump Shop" outside the arena, selling T-shirts extolling the president's dominance.

@chucktodd: Actual ad for the GOP frontrunner for FLGOV. This goes beyond doubling down on Trump. Need a whole new set of words to describe this strategy.

Prosecutors say Manafort’s wealth fueled by lies to IRS, banks: WP reports, prosecutors said in their opening statement at Paul Manafort's trial on 18 charges of financial fraud that President Trump’s former campaign chairman failed to pay taxes on some of the millions of dollars he made working as a strategist for a political party in Ukraine, and then lied to banks to get loans when those payments stopped.

Deep throat is back: Bob Woodward has been quietly working on a book about Trump, entitled “Fear: Trump in the White House” that will come out Sept. 11.

WH COS: White House Chief of Staff John Kelly has accepted President Trump's offer to stay through 2020

Pence blames Russia for 2016 Election interference: VP Pence put the blame for 2016 election interference squarely on Russia and pledged that the Trump administration would step up efforts to deter cyberattacks against US democracy.

AdAge: Facebook finds ongoing evidence of election interference

"Whoever set up these accounts went to much greater lengths to obscure their true identities than the Russian-based Internet Research Agency has in the past," says the company.

RIP: Former congressman and Oakland mayor Ron Dellums died at 82

WP: Layoffs from Trump tariffs are piling up. So are calls for more bailouts.

Team Trump picking the winners and losers of the economy is totally lame.

'It’s a significant shift in our thinking': Business takes freshlook at Democrats: Politico reports, if businesses shift significant support away from Republicans, it could deal a blow to GOP fundraising. But some Democrats are skeptical that the talk will translate into cash for their campaigns.

Hogan questions Trump trade policy during visit to heavily Democratic Montgomery Co.: WP reports, the Republican governor said he believes he can win the county, the most populous jurisdiction in the state, in November. A spokesman for Democratic challenger Ben Jealous dismissed that prediction.

Big names, big mentions: Since 2008, members of Congress have mentioned the Fortune 100 companies over 84,000 times.

ENTERPRISE

Deutsche Bank announced it’s moving a portion of its business out of London in anticipation of the UK’s exit from the EU.

I am keen to see the outfits Art Blakey, The Tragically Hip, and Underworld generate....

Uber shuts down its self-driving trucks program.

Tesla has held preliminary talks with two German states about establishing a European Gigafactory.

BMW's electric car ambitions are getting a boost with news of the company's €1 billion ($1.17 billion) investment in a new factory in Hungary.

WSJ: Pentagon signs $885 million AI contract with Booz Allen

Amazon Studios is working on a redesign of the mobile Prime Video app.

FT: Apple’s iPhone X drives forecast-busting revenues

Harley Davidson will start selling lightweight motorcycles in Asia to counter falling sales in the US.

P&G raises prices on popular brands as costs rise: FT reports, consumer giant passes on to shoppers the extra cost of commodities hit by trade tariffs.

Vivendi SA said it is looking to sell as much as 50 percent of Universal Music Group.

Under Armour's top marketing executive is headed to Nike, sources say: Adweek reports, the woman who spent the past eight-plus months overseeing Under Armour's global marketing efforts has accepted a position with Nike, according to two sources familiar with the matter. Earlier today, Adweek broke the news that SVP, global head of brand management Adrienne Lofton had resigned after approximately nine years and two stints with the apparel company.

MoviePass, the probably-too-good-to-be-true $9.95 monthly movie theater subscription service, seems to be in its death throes.

A South Carolina school district has permanently done away with snow days: In the event of inclement weather, students in every grade will now be expected to complete their assignments online. Some parents complained that they lack Internet access at home.

Dehydration: Studies show that even a little bit of dehydration can cause some serious brain fog. One study found that subjects who were about 1 percent dehydrated saw an estimated 12 percent more total errors on a card game that measured cognitive flexibility.

CULTURE

Beyoncé will appear on the cover of Vogue in September.

Anna Wintour to stay 'indefinitely' at Vogue, quashing exit rumors: Reuters reports, Anna Wintour, the influential editor of Vogue magazine, is remaining in her job "indefinitely," publisher Conde Nast said on Tuesday, refuting rumors that she was on her way out after 30 years.

House of Highlights hits 10 million followers.

HBD: Coolio, rapper, Gangsta’s Paradise (1995), 55

Summer camp for the ultra-wealthy teaches kids how to stay rich: Attendees at Next Gen functions hosted by the likes of UBS, Citi Private Bank, and Credit Suisse will one day rank among the world’s most sought-after clients. https://bloom.bg/2v5hamf